NEW YORK, Jan. 31, 2002 (PRIMEZONE) -- The Law Firm of Kirby McInerney & Squire, LLP announces that, in an 8-K filed on January 25, 2002, ImClone Systems Inc. (Nasdaq:IMCL) announced that the Securities and Exchange Commission has begun an "informal inquiry" into the company's practices. The report also disclosed that the Justice Department and the Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce of the United States House of Representatives have sought information.
Additional reports disclose that the U.S. House of Representatives investigation focuses on how the company handled its application to sell the cancer drug Erbitux. The House of Representatives Energy and Commerce Committee is questioning ImClone about allegations that it hid negative information about its research.
In a separate 8-K ImClone revealed that Peter Peterson had resigned from ImClone's board. Peterson currently serves as chairman of the Blackstone Group.
Class action lawsuits have been filed on behalf of investors who purchased ImClone securities between May 12, 2001 and January 18, 2002, inclusive.
Investors who purchased ImClone shares during the above referenced period, have only 37 more days until March 8, 2002, to move the Court to serve as lead plaintiff of the proposed class, if they so choose. A copy of the complaint filed by Kirby McInerney & Squire in the US District Court for the Southern District of New York is available from the Court or from the firm's website at www.kmslaw.com. The website also contains information concerning securities class actions in general. More information can be obtained from:
Ira Press, Esq. Melissa Fleming, Paralegal KIRBY McINERNEY & SQUIRE, LLP 830 Third Avenue, 10th Floor New York, New York 10022 Telephone: (212) 317-2300 or Toll Free (888) 529-4787
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.